Relating To Affordable Housing Credits.
The bill modifies Section 46-15.1 of the Hawaii Revised Statutes, empowering counties with specific powers akin to those of the HHFDC. This includes the ability to issue affordable housing credits that can be used to satisfy certain housing obligations for market-priced residential and non-residential developments. The credits can response to up to 50% of the affordable housing obligations mandated by counties. The changes aim to improve the local response to the housing crisis without encumbering counties with excessive regulatory barriers, potentially increasing housing availability more rapidly.
Senate Bill 1170 seeks to address Hawaii's ongoing housing crisis by requiring counties to issue affordable housing credits for the construction of affordable housing units through various programs operated by the Hawaii Housing Finance and Development Corporation (HHFDC). The bill emphasizes the need for immediate action due to a substantial increase in the demand for housing, as Hawaii is projected to require over 50,000 additional homes by 2025. This legislation aims to facilitate the faster development and provision of affordable housing options for residents while taking into account the rising costs related to construction financing.
The general sentiment surrounding SB 1170 appears to be cautiously optimistic, with supporters welcoming the potential to alleviate none affordable housing situations. However, there are concerns regarding the effectiveness of the proposed measures in light of the complexities involved in housing production and local governance. Stakeholders believe the bill might help streamline processes that have historically delayed housing developments, yet critics warn that it could also lead to issues of compliance and monitoring at the county level.
Notable points of contention around the bill include the balance of power between state and local governments. Proponents argue that centralizing certain regulatory aspects will enable a more consistent approach to housing development, while opponents express skepticism about removing local control from housing decisions, fearing it could undermine tailored approaches to community-specific needs. The bill is set to sunset in 2031, a provision that might be seen as a compromise, allowing future reviews to reassess its impacts.